Bitcoin price rose 24.95% in August but remains down 9.62% year-to-date. US spot Bitcoin ETFs recorded inflows of $3.52 billion in the month, offsetting the $5.30 billion net outflows seen between January and July. Long-term holders and large wallets sold throughout the rally while professional traders maintain long positions with a positioning divergence score of 21.2. Historically, Bitcoin declined the month following a $3 billion or more inflow in seven of twelve cases, and green August closes were followed by 7 to 8% drops in September. Bitcoin currently trades around $79,108, with key support at $77,057 and resistance at $82,656.
Source: Read the original article
